Progressive Politics from Memphis

Contrasting the Tax Plans

Talking Points Memo has some interesting coverage on the differences between the McCain and Obama tax plans. Watch the video below then we’ll consider some numbers on the back side.

The distributions that were used were obviously tailored to the CNN audience, but there are some things that should be noted in terms of households served

$38k – $66k income level constitutes about 25% of the US households$66k – $112k income level constitutes about 15% of US Households$112k – $166k income level constitutes about 11% of US Households$2.9M or more income level constitutes less than 2% of US households (2% of US Households make $250,000 or more, US Census has not published data for incomes above that threshold).(Source)

Here’s the part that CNN doesn’t talk about. Households that make 0-$38k constitute over 42% of all US Households. These households would effectively pay little or no taxes, depending on what makes up the household (marital status, children, etc.)

I’m still reading on this but the report is here for your serious geeking out enjoyment.